US Announces Sales of 40 Million Crude Oil Barrels From Strategic Petroleum Reserve

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas on June 9, 2016. Richard Carson/Reuters

The U.S. government has announced the sale of up to 40.1 million barrels of crude oil to be released from the Strategic Petroleum Reserve (SPR) over the coming months.

The U.S. Department of Energy’s (DOE) notice of sale is part of the Biden administration’s March 31 announcement to release 1 million barrels of crude oil a day for six months in light of nationwide shortages and high gas prices.